Question: Explain how its use can improve an organization's internal controls. A . The use of a voucher system improves internal control over the recording of
Explain how its use can improve an organization's internal controls.
A
The use of a voucher system improves internal control over the recording of purchases by providing detailed information of vendor prices, discount rates and payment policies.
B
The use of a voucher system improves internal control over the recording of purchases by facilitating the recording in numerical order at the earliest possible date, which is the point at which the invoice is received.
C
The use of a voucher system improves internal control over cash disbursements by providing a reconciliation of recorded cash disbursements with cash disbursements on the bank statement for a test period.
D
The use of a voucher system improves internal control over the bank statement by preventing the use of unauthorized checks.
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
